One of the major ways in which the European Union affects the rest of the world is that it allows for expedited trade to take place between European nations, which brings down the price of various products, which subsequently helps the world economy grow.
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During the summer of 1998, the Russian economy was primed for the onset of a currency crisis.In an attempt to avert the crisis, the CBR intervenedby decreasing the growth of the money supply andtwice increasing the lending rate to banks, raisingit from 30 to 150 percent. Both rate hikes occurredin May 1998, the same month in which the Russianstock market lost 39 percent of its value.
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